CGX announces multiple high potential oil leads in Corentyne Block

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CGX Energy Inc through CGX Resources Inc, operator of the Corentyne Block offshore Guyana, on Thursday, said that it has completed a preliminary evaluation of the recently processed 3D seismic data, and has identified “two potentially highly prospective large channel sand reservoir complexes”.

According to CGX, these channel complexes are interpreted to contain “multiple high potential leads” located in the northern region of the Corentyne Block which is located in close proximity to the Stabroek Block offshore Guyana and Block 58 offshore Suriname.

The company detailed that the Pluma and Haimara discoveries in the Stabroek Block are located approximately 2 and 8 miles, respectively from the border of the northern region of the Corentyne Block.

The leads mapped in the Northern Corentyne Block are interpreted to be situated at the same geological horizons as the nearby significant discoveries already proven in the Stabroek Block and Block 58.

“Also, importantly the Northern Corentyne leads are interpreted to share the same proven hydrocarbon generating basin and intervals in which the current discoveries are located. These leads are primarily stratigraphic traps composed of sandstone accumulations and deemed to be analogous to many [of] the discoveries already proven to be successful in the Guyana basin spanning both Guyana and Suriname.”

CGX disclosed that the Northern Corentyne leads are in the process of being high-graded and have been mapped within the Upper Cretaceous, Santonian and Miocene intervals and are currently undergoing further analysis in order to prioritise and rank the best prospect to be drilled.

The leads are located in water depths ranging from approximately 500 to 3600 feet and are estimated to be at a drilling depth of between approximately 11,000 to 21,700 feet.

The current high-graded lead identified in the northern region of the Corentyne Block has been named Kawa, after the iconic Kawa Mountain which overlooks the village of Paramakatoi in the Pakaraima Mountains of Guyana.

CRI had recently contracted Baker Hughes to provide a pore pressure analysis of the Kawa prospect which will be completed in August 2020.

On the Demerara Block, CRI will begin re-processing the existing seismic data at the end of Q3, this year in order to mature previously mapped leads into prospects ready for drilling.
The company said it remains extremely excited regarding the high potential prospectivity that is being mapped within the Corentyne and Demerara Blocks.

The seismic acquisition was completed on November 2, 2019, and produced seismic data covering approximately 582 km2 of the northern portion of the Corentyne Block.

Meanwhile, the company’s Board of Directors has offered congratulations to President Dr Mohamed Irfaan Ali and his new Government.

“The Board reaffirms the Company’s long history of collaboration with the Government and people of Guyana and looks forward to continuing to work in collaborative partnership with President Ali’s Government,” CGX said.